SCHEDULES

Prospective

[F1SCHEDULE 3AE+W+S Annual Increase in Rate of Certain Occupational Pensions]

[F2 InterpretationE+W+S

1E+W+SIn this Schedule—

• “annual rate”, in relation to a pension or the later or earlier service component of a pension, means the annual rate of the pension or component, as previously increased under the rules of the scheme or this Schedule;

• “the appointed day” means the day on which this Schedule and section 58A of this Act come into force;

• “the appropriate percentage”, in relation to an increase in the annual rate of a pension or a component of a pension, means the percentage specified in the last revaluation order made before the increase is to take effect as the revaluation percentage for the last revaluation period of twelve months;

• “earlier service component” means so much (if any) of the annual rate of the pension as is attributable to pensionable service before the appointed day;

• “later service component” means so much (if any) of the annual rate of the pension as is attributable to pensionable service on or after the appointed day;

• “pension”, in relation to a scheme, means any pension which commences or has commenced under the scheme but does not include—

  (a)

  a guaranteed minimum pension or any increase in such a pension under section 37A above; or

  (b)

  any money purchase benefit;

• “pensionable service” has the meaning given by paragraph 3 of Schedule 16 to the 1973 Act;

• “qualifying scheme” means a scheme to which section 58A of this Act applies;

• “revaluation order”, “revaluation percentage” and “revaluation period” shall be construed in accordance with section 52A above.]